Custom Scalper Buy/Sell

[biegea 10]

Hi everyone,

 

I'm new to this forum but I thought I'd try to make a small contribution while I can. What I'm including here (if my upload goes as planned) is my current best effort at the TTM Scalper Buy/Sell -- the indicator that paints a white bar on the recent high or low, 3 bars after it happens.

 

In my analysis, 95%+ of the bars that get painted appear to be valid and accurate bars. Once in awhile, it's not the lowest or highest bar that is painted, but rather the one next to it -- I haven't been able to figure out why, but it's still close enough to be useful.

 

Additionally, about 85%+ of the bars which should be painted are. That means that as best I can tell, TTM's indicator will paint 10 white bar lows or highs for every 8.5 or so that my indicator paints.

 

If anyone can figure out how to tune this indicator to match TTM's exactly, please feel free. I'll also re-post if I ever figure it out.

 

Best Regards,

biegea

TTMSCALPERALERT.ELD

[torero 10]

This on what timeframe chart you're using to get 95% and 85% accuracy? I had tried it (maybe coded differntly) but wasn't convinced enough to trade it.

[dovetree 10]

Hi Biega, I have Ts 2000i and cant download ELD files could you post the easy language code so I can install this?

 

Thanks

[biegea 10]

Torero, it works on any timeframe. My approximate percentages were based on charts I compared it to in various TTM videos.

 

Dovetree, here's the code:

inputs: BarWidth(3); 

variables: UpTrend(false), LowPainted(false), HighPainted(false), ExtremeBar(0), 
	   TriggerBarLow(0), ExtremeBarHigh(0), 
	   TriggerBarHigh(0), ExtremeBarLow(0), counter(-1); 

// Compare the 9-period MA to the previous bar's value as the basis for determining 
// if we are in an uptrend or a downtrend at this moment. 
//  
// We will NOT check for the presence of a trend if we are 
// "waiting for a confirmation of a trigger (i.e. Extreme Bar <> 0)"  ?? 

//Downtrend -- Look to paint a low bar 
if (AverageFC(Close[3],9) < AverageFC(Close[4],9) and ExtremeBar=0)	
	or ((AverageFC(Close[3],9) = AverageFC(Close[4],9) and ExtremeBar=0) and (UpTrend=False))
	then begin 

	UpTrend=False; 
	HighPainted=false; 
	if low[3] > low then LowPainted=false; 
end; 


//Uptrend -- Look to paint a high bar
if AverageFC(Close[3],9) > AverageFC(Close[4],9) and ExtremeBar=0
	or ((AverageFC(Close[3],9) = AverageFC(Close[4],9) and ExtremeBar=0) and (UpTrend=True))
	then begin 

	UpTrend=True; 
	LowPainted=false; 
	if high[3] < high then HighPainted=false; 
end; 


//Check for triggers and paint the extreme bar on confirmation 
//Uptrend 

if UpTrend = True and HighPainted=false then begin 

	if high[2] < high[3] and ExtremeBar=0 then begin 
		ExtremeBar = 3; 
		ExtremeBarHigh = high[3]; 
		TriggerBarLow = low[2]; 
	end; 

	if high[1] > ExtremeBarHigh then begin 
		ExtremeBar = 0; 
		ExtremeBarHigh = 0; 
		TriggerBarLow = 0; 
		counter=-1; 
	end; 




	if ExtremeBar <> 0 then	counter=counter+1; 


	// Paint an "Extreme Bar" if it exists based on the two if blocks above 
	// OR if the earlier close was above the 8-EMA and the later close was 
	// below the 8-EMA) 

	if (close[1] < TriggerBarLow and ExtremeBar <> 0)  
//			or ((Close[3] > XAverage(Close[3],8)) and (Close[1] < XAverage(Close[1],8)))
		then begin 

		ExtremeBar = ExtremeBar + counter; 
		PlotPaintBar[ExtremeBar](High[ExtremeBar],Low[ExtremeBar],"ScalperSig",white); 
		SetPlotWidth[ExtremeBar](1,BarWidth); 
		SetPlotColor[ExtremeBar](1,white); 
	 	alert("Scalper Sell Detected!"); 
		HighPainted = true; 
		counter=-1; 
		ExtremeBar=0; 
	end; 
end; 


//Downtrend

if UpTrend = False and LowPainted=false then begin

	if low[2] > low[3] and ExtremeBar=0 then begin
		ExtremeBar = 3;
		ExtremeBarLow = low[3];
		TriggerBarHigh = high[2];

		if ExtremeBarLow > low[4] then ExtremeBar = 4;
	end;

	if low[1] < ExtremeBarLow then begin
		ExtremeBar = 0;
		ExtremeBarLow = 0;
		TriggerBarHigh = 0;
		counter=-1;
	end;

	if ExtremeBar <> 0 then	counter=counter+1;

	if close[1] > TriggerBarHigh and ExtremeBar <> 0 then begin
		ExtremeBar = ExtremeBar + counter;
		PlotPaintBar[ExtremeBar](Low[ExtremeBar],High[ExtremeBar],"ScalperSig",white);
		SetPlotWidth[ExtremeBar](1,BarWidth);
		SetPlotColor[ExtremeBar](1,white);
	 	alert("Scalper Buy Detected!");
		LowPainted = true;
		counter=-1;
		ExtremeBar=0;
	end;

end;

[dovetree 10]

Hi Biega,

Thanks , this I assume is a paint bar study?

[biegea 10]

Yessir (or yes ma'am). Paintbar study. Looking forward to any feedback or assistance anyone can provide. It would be exciting to get it 100% matched with TTM's.

[dovetree 10]

Hi Biega, just installed it and get no bars painted ?

Just to clarify the // marks are for comments in TS 8 and above is that correct.

[dovetree 10]

Hi biegea, Sorry just got it going after substituting some of the // for {. At first glance it is pretty good but will let you know.

 

cheers

[dovetree 10]

Hi Biegea I don't believe your code is marking the paint bars correctly. TTm scalper paints a bar after 3 consecutive higher or lower closes and does not paint anyfurther bars until a revers signal is acquired.

 

I am new to easy language but have coded this in metastock below is the code.

 

The code for higher closes in the highlights Tab

 

BC:=C>Ref(C,-1) AND Ref(C,-1)>Ref(C,-2);

 

SC:=C<Ref(C,-1) AND Ref(C,-1)<Ref(C,-2);

 

X:=If(BC=1,1,If(SC=1,0,PREV));

 

Cross(X,0.5);

 

 

Here is the one for the lower closes:

 

BC:=C>Ref(C,-1) AND Ref(C,-1)>Ref(C,-2);

 

SC:=C<Ref(C,-1) AND Ref(C,-1)<Ref(C,-2);

 

X:=If(BC=1,1,If(SC=1,0,PREV));

 

Cross(0.5,X);

 

I have toruble coverting to EL so far

[nelo 10]

Unfortunately, the original TTM indicator does not paint bars in a correct way. It cheats. It paints bars in the past. I did not see this one, since I do not have tradestation and picture was not attached. I use Neoticker and things like painting bars in back are not allowed because in reality you will never see the chart like that real time. What looks great on a screenshot is impossible to trade. If you paint that bar which you should, the actual bar when the signal happens you will find out the indicator is useless.

 

This will save you a lot of valuable time and if you were considering buying the TTM original also money.

[Guest cooter]

I stand by my original comment, which was summarily deleted for some reason:

 

Another lagging indicator. It paints the past. Nothing special here.

[biegea 10]

Unfortunately, the original TTM indicator does not paint bars in a correct way. It cheats. It paints bars in the past. I did not see this one, since I do not have tradestation and picture was not attached. I use Neoticker and things like painting bars in back are not allowed because in reality you will never see the chart like that real time. What looks great on a screenshot is impossible to trade. If you paint that bar which you should, the actual bar when the signal happens you will find out the indicator is useless.

 

This will save you a lot of valuable time and if you were considering buying the TTM original also money.

 

True - it paints in the past, but TTM acknowledges this, and John Carter still considers it valuable -- it typically paints 2-3 bars after the fact but recognizes what some would argue is a conditional change in the state of the market.

 

Thanks to all who have commented on this thread. It appears a more recent submission may be exactly the same as JC's. I have not validated it yet but at least one other forum meber has and says it's great.

 

Good luck to all,

biegea

[cmrock 10]

do you have the ttm scalper alert in Ninjatrader script?

[thehaul 10]

The ninja version is in the Ninja forums.

 

http://www.ninjatrader-support2.com/vb/local_links.php?catid=1&sort=N&pp=15&page=8

 

 

click on the photo to download.

[pimind 10]

I have another version of the TTM scalper attached. It does paint in the past. Having read carters book this is the way it is suppose to work. You get the scalper alert then enter the market. This happens on the second bar. It seems to work well on trends, but seeing you don't know a trend is about to happen it is only a indicator. If anyone can code the second bar to paint then it will be easier visually.

SCALPER.ELD